Biogen Starts Hostile Tender Offer for Facet

NEW YORK (AP) — Biogen Idec Inc. on Monday made a hostile bid for Facet Biotech Corp., taking its $356 million offer directly to Facet's shareholders. Biogen Idec said it started a tender offer for Facet shares that will expire on Oct. 19. Facet management has turned down Biogen's offer, which values the Redwood City, Calif.-based company at $14.50 per share. Biogen Idec CEO James Mullen said the offer "makes compelling business sense" for both companies and is in the interest of their shareholders. Cambridge, Mass.-based Biogen went public with the bid on Sept. 4. Facet rejected it Sept. 8, saying it undervalued the company. Facet stock closed up 19 cents at $16.74 Monday, indicating its investors may expect a higher bid.